The following selected transactions relate to investment activities of Ornamental Insulation Corporation during $2024.$ The company buys debt securities$,$ not intending to profit from short$-$term differences in price and not necessarily to hold debt securities to maturity, but to have them available for sale in years when circumstances warrant. Ornamental$$s fiscal year ends on December $31.$ No investments were held by Ornamental on December $31,2023.$

March $31$ Acquired $8\%$ Distribution Transformers Corporation bonds costing $$420,000$ at face value.

September $1$ Acquired $$930,000$ of American Instruments$10\%$ bonds at face value.

September $30$ Received semiannual interest payment on the Distribution Transformers bonds.

October $2$ Sold the Distribution Transformers bonds for $$447,000.$

November $1$ Purchased $$1,420,000$ of M&D Corporation $6\%$ bonds at face value.

December $31$ Recorded any necessary adjusting entry$($s$)$ relating to the investments. The market prices of the investments are:

American Instruments bonds $ $878,000$

M&D Corporation bonds $ $1,482,000$

$($Hint: Interest must be accrued.$)$

Required:

Prepare the appropriate journal entry for each transaction or event during $2024,$ as well as any adjusting entries necessary at year$-$end. For any sales, prepare entries to update the fair$-$value adjustment, record any reclassification adjustment, and record the sale.

Indicate any amounts that Ornamental Insulation would report in its $2024$ income statement, $2024$ statement of comprehensive income, and $12/31/2024$ balance sheet as a result of these investments. Include totals for net income, comprehensive income, and retained earnings as a result of these investments. Ignore income taxes.